Morgan Stanley analyst Dara Mohsenian downgraded Church & Dwight (CHD) to Underweight from Equal Weight and lowered its price target to $49 from $51 saying shares are too high, and trade at a premium to Dr Pepper Snapple (DPS), which was upgraded to Overweight. Mohsenian believes the market is giving too much potential to the Unilever bid and not Church & Dwight's deteriorating outlook. The analyst recommends the pairs trade of long Dr Pepper and short Church & Dwight given Dr Pepper's accelerating growth and Church & Dwight's deteriorating fundamentals.